As a business owner, you are probably doing everything you can to manage risk, after all, any disruption in day-to-day operations could spell disaster, but it warrants the question: Are you sure?
Many business owners assume their processes are sufficient for managing their risks, but do these assumptions come with an ongoing validation process? Are there any spots that could be overlooked? As with any risk or issue, it could become an even bigger problem over time if ignored. As an exercise in awareness, let us discuss two key areas businesses often miss: compliance and technology.
Are You Certain Your Compliance Practices Are Up to Date?
While laws and regulations change a little slower than technology, they are constantly shifting to adapt, and what worked for your business yesterday may not be appropriate today. Do you know how potential changes to HIPAA Security Rules will impact your business? What about the modifications to PCI DSS, or are you looking at CMMC as something that needs to be addressed now? It is easy to assume you are compliant because you checked the boxes once, but compliance is a moving target. A missed update could result in fines, legal battles, or significant reputational damage.
When was the last time you reviewed the compliance requirements your business is beholden to? Do you have any form of review process for your business that includes your current policies? Are you sure that your obligations are covered, or is there a chance something crucial may be missing?
Is Your Technology Infrastructure Secure Enough?
How people define reasonable security can differ depending on what your business does and what kind of data you handle, but typically, the more technology you have, the more the associated risks will grow. Cybersecurity continues to become a more sophisticated and prevalent topic. Just look at the number of breaches in 2024 that have devastating consequences for national and local companies. Do you monitor these events and determine if your current security measures are still effective? Without a proactive risk assessment, you might expose your business to data breaches, ransomware attacks, or a potential system failure that could hurt your operations.
Do you know if your systems are regularly updated with the latest security patches? Have you conducted a vulnerability assessment or penetration testing within the last year to identify potential weaknesses? Cybercriminals constantly find new ways to breach networks and rely on finding these weaknesses to execute their plans. Would you be able to recover quickly if your business was compromised, or would you face extended downtime and lost revenue?
The Bottom Line: Are You Doing Enough?
It is not about whether you can handle risk but whether you are prepared for it. You must be confident in your business's ability to comply with any requirements imposed upon it and protect itself from technological risks; in reading this article, are there any gaps you have not identified yet?
The risks you faced today are not the same as those from yesterday, and they will change again tomorrow. By asking yourself the tough questions and committing to ongoing due diligence regarding your technology and compliance practices, you can ensure your business thrives despite what the world may throw at it. Make sure you are proactive in protecting your business’s future.
At IntelliSystems, we understand the complex compliance and technology risks faced by small and mid-sized businesses. As your trusted partner, we specialize in providing proactive solutions to safeguard your business against evolving threats. Our team of experts helps ensure your compliance with ever-changing regulations and strengthens your technology infrastructure to reduce the risk of cybersecurity breaches. With IntelliSystems, you’re not just managing risk, you’re staying ahead of it. Let us help you navigate the challenges of today while preparing you for tomorrow's opportunities. Together, we can build a resilient, future-proof business.
